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Wynn released its earnings after the closing bell on Monday
- We're watching earnings, and Wynn is out. Jared Blikre, how'd they do?
- I tell you what, the metrics are not looking good here for Wynn Resorts. But the stock was up. It's now down about 2 and 1/2%. Let me just give you these numbers.
First quarter results, operating revenue $725.8 million. That is pretty light according to estimates of $756.9 million. It's a drop of 24% year over year.
Adjusted loss per share came in better than expected, a little bit narrow, $2.41 versus a loss per share of $2.02 expected. Now, their Las Vegas local adjusted EBITDA, that came in at $28.1 million versus estimates of $17.6 million. That's better than expected operating revenue for Las Vegas, coming in at $178.7 million. That's also higher than expected.
The Macau hotel occupancy rate, that's 60.8%. Palace Hotel occupancy rate, 60.4%, much higher than the estimate. But those key metrics, those top line and bottom line numbers looking a little bit light right here.
So also I think there might be some excitement over the fact that their interactive division is going to merge with Austerlitz Acquisition Corp. That is a SPAC. So Wynn Bet will now be separated from Wynn Resorts, and maybe there is some value to unlock there. That might have been why some of the investors were bidding up shares initially, although as you can see on your screen, still down about 1%, 2%.
I'll just pull up a one year chart quickly here of Wynn. This is going to be-- here we go. Here's the a one year chart. You can see still up about 44%, benefiting from the reopening trade which kind of kicked off last November. But losing a little bit of steam here. Might have to go down and test these lows tomorrow morning, guys.